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Anger At Hidden Wall Street Fees Paid By Public Pension Plans

/ WDAC

HARRISBURG – Revelation that public pensions for teachers, State Police, corrections officers, and other state employees paid $3.8 billion in hidden fees over 10 years to Wall Street money managers is causing protest from state Auditor General Eugene DePasquale. He said he’s tired of learning about contracts that “leave taxpayers holding the bag while Wall Street sharks get rich.” He added that Pennsylvania has low fee firms located in the Commonwealth that would do the exact same work that would circulate the money back into the state. Instead, we are putting billions outside the state to people who aren’t doing a good job.

EUGENE DEPASQUALE

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